UK insurers must pay out BI claims ‘as quickly as possible’ after High Court ruling

September 18, 2020.
U.K. insurers were urged by a financial regulator on Friday to pay business interruption claims in full as soon as possible, following a High Court ruling in favor of policyholders facing steep losses from the pandemic.

Hong Kong eyes ‘risk-based approach’ for new anti-money laundering guidelines

September 18, 2020.
Hong Kong’s Securities and Futures Commission is considering adopting what it called a “risk-based approach” as part of a series of changes for the global banking hub’s anti-money laundering and counter-financing of terrorism guidelines.

AI fraud detection ‘arms race’ poses ethical dilemma for insurers

September 18, 2020.
An Israel-based company promises insurers state-of-the-art weaponry in the fight against fraud: artificial intelligence that reveals the “genuine emotional state of a person” when they file a claim.

NCUA looks to credit union deposits for relief as equity ratio drops

September 18, 2020.
The National Credit Union Administration reported a second-quarter equity ratio close to dangerous levels as a result of the pandemic, and temporarily amended lending regulations for U.S. real estate transactions.

European insurance group calls for light touch on AI regulation

September 18, 2020.
European insurers called for an industry-driven approach to regulating the use of artificial intelligence, asking that government intervention be used only in the highest-risk situations involving the new technology.

Judge OKs big banks’ settlement with eurodollar investors over LIBOR rigging

September 18, 2020.
A U.S. federal judge approved an aggregate $187 million settlement agreement resolving an antitrust class action against seven of the world’s largest banks that claimed the banks colluded to misreport and manipulate LIBOR rates, harming eurodollar investors.

Troubled Swedbank faces new money laundering probe by Swedish regulators

Last modified September 18, 2020. Published September 18, 2020.
Swedbank acknowledged on Friday that it was subject to a new investigation from Sweden’s financial watchdog regarding violations in connection to suspected money laundering and other financial market abuse.

Former JPMorgan trader sentenced to eight months in prison for currency rigging: Reuters

Last modified September 17, 2020. Published September 17, 2020.
A former JPMorgan Chase foreign currency trader was reportedly sentenced to eight months in prison for conspiring to manipulate currency values, in a scandal that also included traders from Barclays and Citigroup.

China’s ‘credit negative’ pricing reforms may hurt auto insurance profits

September 17, 2020.
Chinese auto insurance profits will likely take a hit from a fresh wave of regulatory reforms making payouts more expensive for carriers, despite the benefits from fewer accident claims in the pandemic, Moody’s said.

SEC boosts OTC transparency to protect investors from stock fraud

Last modified September 17, 2020. Published September 17, 2020.
The U.S. Securities and Exchange Commission imposed new restrictions preventing brokers from publishing quotations for over-the-counter stocks unless issuer information is available to the public.

Systemically important banks stand best chance of weathering pandemic: Moody’s

Last modified September 17, 2020. Published September 17, 2020.
The world’s largest banks are better equipped to handle the current crisis than the rest of the sector as a result of regulation and restructuring imposed after the 2008 financial crisis, Moody’s said Thursday.

Citi updates data services platform for securities services clients

September 17, 2020.
Citigroup said on Thursday that it revamped its data services platform for its securities services clients in a bid to “enhance efficiency,” a move that comes as the bank looks to beef up its technology in the face of potential sanctions from regulators over its risk management functions.

US seeks another $300M in assets linked to 1MDB

September 17, 2020.
The U.S. Department of Justice laid claim to a second set of assets in as many weeks allegedly tied to the 1Malaysia Development Berhad bribery and money laundering scandal, this time worth more than $300 million.

FinCEN seeks to streamline US anti-money laundering regulation

September 16, 2020.
The U.S. financial crimes regulator said it wants to design a new template for anti-money laundering programs that will be more flexible and efficient for banks while providing more useful data to government authorities.

US health insurers may have misled customers about preexisting conditions: GAO

September 16, 2020.
The U.S. Government Accountability Office found that sales representatives for several health insurers engaged in potentially deceptive practices by misleading customers about whether preexisting conditions were covered in policies.

CFPB, 47 states settle with ITT Tech, Deutsche Bank trusts over private student loans

September 16, 2020.
Former students at ITT Technical Institute, a for-profit college that went bankrupt in 2016, will be forgiven of $330 million in private student loans that trusts set up by Deutsche Bank made, under a settlement with U.S. authorities.

California to mandate lower insurance rates as record wildfires torch homes

September 16, 2020.
California’s top insurance regulator plans to hold the line on premiums for residents in a series of aggressive new regulatory actions aiming to get more Californians covered as historic wildfires ravage the state.

UK regulators propose suspending interest and fees for COVID-19-affected borrowers

September 16, 2020.
The U.K.’s top financial regulator proposed that banks freeze new interest payments and other charges for struggling borrowers who are continuing to face hardships due to COVID-19.

Arch partners with restaurant insurer ProHost USA as dining industry struggles

September 16, 2020.
During a time when restaurants and insurers are often at odds over coverage related to COVID-19 losses, Arch Insurance said Wednesday that it has formed an underwriting partnership with ProHost USA, a Minneapolis-based insurer that provides specialty packages for the restaurant industry.

Nasdaq launches automated anti-money laundering service

September 16, 2020.
Nasdaq debuted its cloud-based Nasdaq Automated Investigator on Wednesday, which it described as the first automated anti-money laundering technology aimed at scrutinizing financial crimes for retail and commercial banks.